Superannuation Industry (Supervision) Amendment Regulations 2005 (No. 6) (Cth)

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Superannuation Industry (Supervision) Amendment Regulations 2005 (No. 6)1

Select Legislative Instrument 2005 No. 332

I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 15 December 2005

P. M. JEFFERY

Governor-General

By His Excellency’s Command

MAL BROUGH

Minister for Revenue and Assistant Treasurer

1Name of Regulations

These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2005 (No. 6).

2Commencement

These Regulations commence as follows:

  1. (a)

    on the day after they are registered — regulations 1 to 3 and Schedule 1;

  2. (b)

    on 1 July 2006 — Schedule 2.

3Amendment of Superannuation Industry (Supervision) Regulations 1994

  1. (1)

    Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.

  2. (2)

    Schedule 2 amends the Superannuation Industry (Supervision) Regulations 1994, as amended by the Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 3).

Schedule 1Amendments commencing on day after registration

(subregulation 3 (1))

[1]Subregulations 1.04AAA (2) and (3)

substitute

  1. (2)

    For the purposes of the provisions of the Act set out in Table 1, the non‑member spouse is to be treated as being a member of the fund in which the interest is held from the later of:

    1. (a)

      the operative time for the payment split; and

    2. (b)

      the time that the trustee receives the agreement or order under which the payment split is effected.

Table 1

Item

Provision

1

subsection 17A, except subsection (5) (definition of self managed superannuation fund)

2

section 65 (lending to members of regulated superannuation fund prohibited)

3

Part 8 (in-house asset rules applying to regulated superannuation funds)

  1. (3)

    For subsection 17A (5) of the Act, and section 121A of the Act, the non‑member spouse is to be treated as being a member of the fund in which the interest is held from the later of:

    1. (a)

      the end of 6 months after the operative time for the payment split; and

    2. (b)

      the end of 6 months after the time that the trustee receives the agreement or order under which the payment split is effected.

[2]Subparagraph 1.05 (2) (b) (ii)

omit

surcharge; and

insert

surcharge; or

[3]After subparagraph 1.05 (2) (b) (ii)

insert

  1. (iii)

    to allow an amount to be paid under a payment split and reasonable fees in respect of the payment split to be charged; and

[4]Subparagraph 1.05 (2) (f) (iv)

omit

surcharge; and

insert

surcharge; or

[5]After subparagraph 1.05 (2) (f) (iv)

insert

  1. (v)

    to give effect to an entitlement of a non-member spouse under a payment split; and

[6]Paragraph 1.05 (4) (f)

omit

, except a payment by way of commutation,

insert

(excluding payments by way of commutation but including payments made under a payment split),

[7]Paragraph 1.05 (6) (b)

omit

contract;

insert

contract or to allow payments to be made under a payment split;

[8]Paragraph 1.05 (9) (e)

substitute

  1. (e)

    the total amount of the payments to be made in a year in accordance with paragraph (c) or (d) may be varied only:

    1. (i)

      to allow commutation to pay a superannuation contributions surcharge; or

    2. (ii)

      to allow an amount to be paid under a payment split and reasonable fees to be charged in respect of the payment split; and

[9]Subparagraph 1.05 (9) (h) (vi)

omit

surcharge; and

insert

surcharge; or

[10]After subparagraph 1.05 (9) (h) (vi)

insert

  1. (vii)

    to give effect to an entitlement of a non-member spouse under a payment split; and

[11]Paragraph 1.05 (10) (b)

omit

(not taking commuted amounts into account)

insert

(excluding payments by way of commutation but including payments made under a payment split)

[12]Subparagraph 1.05 (10) (d) (v)

omit

surcharge; and

insert

surcharge; or

[13]After subparagraph 1.05 (10) (d) (v)

insert

  1. (vi)

    to give effect to an entitlement of a non-member spouse under a payment split; and

[14]Paragraph 6.17 (2B) (a)

substitute

  1. (a)

    may be paid in a way that is not described in subregulations (2) and (2A):

    1. (i)

      as a consequence of the trustee taking action that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, has the effect that a future payment in respect of the superannuation interest of the member spouse would not be a splittable payment; or

    2. (ii)

      as a consequence of the operation of a fund’s governing rules that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, has the effect that a future payment in respect of the superannuation interest of the member spouse would not be a splittable payment; and

[15]Subregulation 7A.03B (7)

substitute

  1. (7)

    At the time that the payment split notice is given or, if a payment split notice is not required, within 28 days after the later of:

    1. (a)

      the operative time; and

    2. (b)

      the time when the trustee creates the non-member interest;

the trustee must give to the member spouse and the non‑member spouse a written notice stating:

  1. (c)

    that the new interest has been created; and

  2. (d)

    that the value of the original interest has been reduced; and

  3. (e)

    the amount of the non‑member spouse interest.

[16]Subregulation 7A.03H (5)

omit

after the operative time.

insert

after the later of:

  1. (a)

    the operative time; and

  2. (b)

    the time when the trustee creates the non-member interest.

[17]Paragraph 13.16 (2) (f)

substitute

  1. (f)

    the alteration is made:

    1. (i)

      to give effect to a payment split; or

    2. (ii)

      as a consequence of the trustee taking action that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, has the effect that a future payment in respect of the superannuation interest of the member spouse would not be a splittable payment; or

    3. (iii)

      as a consequence of the operation of a fund’s governing rules that, because of Division 2.2 of the Family Law (Superannuation) Regulations 2001, has the effect that a future payment in respect of the superannuation interest of the member spouse would not be a splittable payment; or

Schedule 2Amendment commencing on 1 July 2006

(subregulation 3 (2))

[1]Subregulation 1.04AAA (3)

substitute

  1. (3)

    For subsection 17A (5) of the Act, the non‑member spouse is to be treated as being a member of the fund in which the interest is held from the later of:

    1. (a)

      the end of 6 months after the operative time for the payment split; and

    2. (b)

      the end of 6 months after the time that the trustee receives the agreement or order under which the payment split is effected.

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See

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